CBN suspends bank deposit fees until September

The Central Bank of Nigeria has directed banks to stop charging cash deposits by September 30, 2024.

The apex bank disclosed this in a circular dated May 6, 2024 signed by its Director of Banking Supervision, Adetona Adedeji.

Customers of some deposit banks expressed concerns that banks have started charging processing fees for cash deposits from May 1.

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Our correspondent discovered this in an email shared by a customer of the bank.

Based on the bank’s move, two percent should be charged on deposits above N500,000 for individuals while corporate account holders should be charged two percent on deposits above N3 million.

According to the recent circular to financial and non-financial institutions, CBN said processing fees have been suspended.

The circular stated: “Please note our letter dated December 11, 2023 with reference BSD/DIR/PUB/LAB/016/023 on the above subject where we stipulated the processing fees for cash deposits above N500,000 for individuals and N3 ,000,000 for companies as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,” CBN said.

“The Central Bank of Nigeria hereby extends the suspension of the 2% and 3% processing fees hitherto levied on all cash deposits above these thresholds until September 30, 2024.”

The apex bank directed financial institutions to continue accepting all cash deposits from the public free of charge until the end of the third quarter.